Dynamic Economics

Optimization by the Lagrange Method

By: Gregory C. Chow

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Hardcover | 1 September 1997

At a Glance

Hardcover
252 Pages

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22.86 x 15.24 x 1.75

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This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.

Industry Reviews

"Dr. Chow points out that the too-little-known direct Lagrangian procedure delivers all the optimal solutions that the popular indirect-utilities method can deliver, and does so more economically in the sense that redundant laborious calculations of any indirect utilities can be avoided...it is regrettable if the popular indirect method has eclipsed attention by scholars from the efficient and effective direct Lagrangian approach. We are all in Gregory Chow's debt for a cogent and needed important reminder."--Paul Samuelson, Pacific Economic Review "Dynamic Economics convinced me of the usefulness of the Lagrange method....The book is very clear and easy to follow; applications are interesting and clearly treated."--Alberto Bisin, Massachusetts Institute of Technology "Dr. Chow points out that the too-little-known direct Lagrangian procedure delivers all the optimal solutions that the popular indirect-utilities method can deliver, and does so more economically in the sense that redundant laborious calculations of any indirect utilities can be avoided...it is regrettable if the popular indirect method has eclipsed attention by scholars from the efficient and effective direct Lagrangian approach. We are all in Gregory Chow's debt for a cogent and needed important reminder."--Paul Samuelson, Pacific Economic Review "Dynamic Economics convinced me of the usefulness of the Lagrange method....The book is very clear and easy to follow; applications are interesting and clearly treated."--Alberto Bisin, Massachusetts Institute of Technology

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You Can Find This Book In

Non-Fiction Economics Development Economics & Emerging Economies Society & Social Sciences Mathematics Optimisation Macroeconomics Microeconomics Political Economy Economic Theory & Philosophy

Preface	p. vii
Introduction	p. 3
Dynamic Optimization in Discrete Time	p. 19
Economic Growth	p. 32
Theories of Market Equilibrium	p. 51
Business Cycles	p. 80
Dynamic Games	p. 111
Models in Finance	p. 139
Models of Investment	p. 172
Numerical Methods for Solving First-Order Conditions in Dynamic Optimization Problems	p. 185
References	p. 208
List of Mathematical Statements	p. 214
Solutions to Selected Problems	p. 216
Index	p. 228
Table of Contents provided by Publisher. All Rights Reserved.

Dynamic Economics

Optimization by the Lagrange Method

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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